EUR/JPY Price Analysis: Interim support emerges at 129.13

EUR/JPY starts the week on a soft note, drops to 129.70.
There is an interim support at the 50-day SMA.

Pablo Piovano FXStreet

EUR/JPY manages to reverse an initial drop to the 129.70 region, although it keeps the bearish note so far on Monday.

The continuation of the current consolidative theme looks the most likely scenario in the very near-term at least. However, further gains in the Japanese currency carries the potential to force the cross to creep lower and face the next minor support at the 50-day SMA, today at 129.13.

The resumption of the upside, on the other hand, is expected to meet the next hurdle at the 2021 high near 130.70 (April 7) ahead of the 131.00 mark.

While above the 5-month support line near 128.70, extra gains remain on the table, with the longer term target at the 2018 high at 131.98 (July 17).

In the meantime, while above the 200-day SMA at 125.88 the broader outlook for the cross should remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	130.09
Today Daily Change	63
Today Daily Change %	-0.21
Today daily open	130.37

Trends
Daily SMA20	129.84
Daily SMA50	129.1
Daily SMA100	127.69
Daily SMA200	125.92

Levels
Previous Daily High	130.54
Previous Daily Low	129.98
Previous Weekly High	130.61
Previous Weekly Low	129.8
Previous Monthly High	130.67
Previous Monthly Low	128.18
Daily Fibonacci 38.2%	130.33
Daily Fibonacci 61.8%	130.2
Daily Pivot Point S1	130.05
Daily Pivot Point S2	129.73
Daily Pivot Point S3	129.49
Daily Pivot Point R1	130.62
Daily Pivot Point R2	130.86
Daily Pivot Point R3	131.18

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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